According to Zacks, “South State Corporation is a bank holding company for South State Bank. The Bank provides a range of retail and commercial banking services, mortgage lending services, trust and investment services, and consumer finance loans. It offers demand, time and savings deposits, lending and credit card servicing; automated teller machine processing; and wealth management and trust services. South State Corporation, formerly known as First Financial Holdings, Inc., is headquartered in South Carolina. “
SSB has been the topic of a number of other reports. SunTrust Banks lifted their price objective on shares of South State to $85.00 and gave the company an in-line rating in a research note on Wednesday, May 1st. BidaskClub upgraded shares of South State from a hold rating to a buy rating in a research note on Tuesday, April 30th. TheStreet upgraded shares of South State from a c+ rating to a b- rating in a research note on Tuesday, March 19th. Finally, Brean Capital reaffirmed a hold rating on shares of South State in a report on Monday, January 28th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $78.40.
South State (NASDAQ:SSB) last announced its quarterly earnings results on Monday, April 29th. The bank reported $1.26 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.26. South State had a net margin of 25.49% and a return on equity of 8.28%. The firm had revenue of $155.33 million for the quarter, compared to analyst estimates of $158.86 million. During the same period last year, the business earned $1.39 EPS. On average, sell-side analysts anticipate that South State will post 5.34 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 10th will be issued a $0.40 dividend. This is an increase from South State’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.16%. South State’s payout ratio is presently 27.64%.
In other news, insider Keith S. Rainwater sold 500 shares of South State stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $71.00, for a total value of $35,500.00. Following the sale, the insider now owns 6,146 shares of the company’s stock, valued at $436,366. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President John F. Windley sold 3,947 shares of South State stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $71.01, for a total transaction of $280,276.47. Following the completion of the sale, the president now directly owns 39,021 shares in the company, valued at approximately $2,770,881.21. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,232 shares of company stock worth $451,365. Insiders own 2.05% of the company’s stock.
Large investors have recently modified their holdings of the company. Toronto Dominion Bank purchased a new stake in shares of South State in the fourth quarter valued at about $26,000. Geode Capital Management LLC boosted its holdings in South State by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 412,314 shares of the bank’s stock worth $24,718,000 after buying an additional 23,760 shares in the last quarter. Huntington National Bank boosted its holdings in South State by 65.2% during the fourth quarter. Huntington National Bank now owns 1,469 shares of the bank’s stock worth $88,000 after buying an additional 580 shares in the last quarter. Northern Trust Corp boosted its holdings in South State by 1.1% during the fourth quarter. Northern Trust Corp now owns 751,086 shares of the bank’s stock worth $45,028,000 after buying an additional 8,021 shares in the last quarter. Finally, Aurora Investment Counsel boosted its holdings in South State by 9.2% during the fourth quarter. Aurora Investment Counsel now owns 21,689 shares of the bank’s stock worth $1,300,000 after buying an additional 1,832 shares in the last quarter. 78.86% of the stock is currently owned by institutional investors and hedge funds.
South State Company Profile
South State Corporation operates as the bank holding company for South State Bank that provides a range of retail and commercial banking services, mortgage lending services, trust and wealth management services, and consumer finance loans. The company accepts demand deposits, savings deposits, interest-bearing transaction accounts, certificates of deposit, and other time deposits; and offers lending and credit card, and ATM processing services.
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